⚡ Bybit in a nutshell
- 📊
World's 2nd largest derivatives exchange. Bybit is the second-largest crypto derivatives exchange globally by volume — behind only Binance. Deep liquidity for perpetuals and quarterly futures on BTC, ETH and 100+ altcoins.
- 💰
0.10% spot maker/taker — competitive fees. Competitive spot fees. VIP tiers reduce to 0.02%/0.06% for high-volume traders.
- ₿
400+ assets — one of the widest selections. More assets than Coinbase or Kraken. Spot, perpetuals and quarterly futures available.
- 🏢
VARA (Dubai) licensed — moved HQ to Dubai 2022. Bybit relocated from Singapore to Dubai in 2022 following Singapore MAS restrictions on crypto derivatives. VARA (Virtual Assets Regulatory Authority, Dubai) licensed.
- ⚠️
Not available to US residents. Bybit does not accept US clients. US residents must use Coinbase, Kraken or Binance.US.
⚠️ What to watch out for
- ⚠ Not available to US residents
- ⚠ Derivatives (perpetuals/futures) extremely high risk — most users lose money on leveraged positions
- ⚠ Regulatory status varies significantly by country — check local availability
- ⚠ Less regulatory transparency than Coinbase (not publicly listed)
- ⚠ 2024 security incident — responded promptly but worth noting
WhichBrokr Category Ratings
Overview
Bybit was founded in 2018 and has grown to be one of the top 3 global crypto exchanges by trading volume, particularly dominant in the derivatives market. Following regulatory pressure in Singapore, Bybit moved its headquarters to Dubai in 2022 and obtained VARA (Virtual Assets Regulatory Authority) licensing. It is not available to US residents.
Bybit's strength is in derivatives trading — deep perpetual and quarterly futures liquidity on BTC, ETH and 100+ altcoins with competitive fees (0.02%/0.05% maker/taker on futures). The platform is used extensively by professional crypto traders who want institutional-level liquidity for large futures positions.
Bybit also offers a comprehensive spot trading platform (400+ assets), Bybit Earn (crypto yield products), NFT marketplace, and copy trading. For non-US crypto traders who actively use derivatives, Bybit provides superior liquidity and tools to most competitors except Binance.
Pros & Cons
✅ Pros
- World's #2 derivatives exchange — deep liquidity for futures and perpetuals
- 0.10% spot fee — competitive (VIP tiers lower)
- 400+ assets — wider than Coinbase or Kraken
- Bybit Earn — crypto yield products
- Copy trading — follow experienced traders
- VARA licensed (Dubai)
- Clean mobile and web interface
❌ Cons
- Not available to US residents
- Less regulatory transparency than Coinbase (not publicly listed)
- Derivatives extremely high-risk — most leveraged traders lose money
- 2024 security incident (hacker accessed hot wallet — responded promptly)
- Less established regulatory footprint than Kraken (which has operated since 2011)
🔍 Broker Audit Report
A structured assessment across 5 pillars — regulation, tax/legal, costs, features and platform accessibility. Updated July 2026.
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1. Legal Entity & Capital Protection
Bybit's regulatory profile
Entity
Bybit Fintech Limited — VARA licensed (Dubai Virtual Assets Regulatory Authority). Multiple regional entities.
US Status
Not available to US residents — no US regulatory licence.
Crypto Insurance
No government scheme. Bybit maintains a risk management fund. Cold storage for majority of assets.
Incident
2024: Bybit reported a hack of its hot wallet. Responded quickly with full reimbursement from reserves. Total user funds maintained.
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2. Tax Notes
Crypto tax varies by jurisdiction
Tax Reporting
Bybit provides transaction history export compatible with major crypto tax platforms (Koinly, CoinTracking).
UAE / Dubai
Dubai personal income tax is 0% — Bybit's Dubai HQ is tax-efficient for UAE-based traders.
Other jurisdictions
Crypto tax treatment varies. Consult a local tax adviser.
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3. Total Cost of Ownership
Bybit fee schedule
Spot Maker/Taker
0.10% maker and taker (standard). VIP 1 (>$1m/30d): 0.08%/0.10%. VIP 5 (>$100m/30d): 0.02%/0.06%.
Perpetual Futures
0.02% maker / 0.05% taker — highly competitive for derivatives.
Bybit Earn
Flexible savings, fixed-term staking, dual asset products — rates vary. Check bybit.com for current offers.
Withdrawal
Network fee only for crypto. No fiat withdrawal (USD) in most regions.
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4. Asset Catalogue
400+ assets + comprehensive derivatives
Spot coins
400+ — one of the widest selections among top-tier exchanges
Perpetual contracts
BTC, ETH and 100+ altcoin perpetuals — deep liquidity
Quarterly futures
Major asset quarterly contracts
Bybit Earn
Flexible savings, fixed term, DeFi yield products
NFT Marketplace
✅ Available
Copy Trading
✅ Follow top traders automatically
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5. Platform
Professional trading interface
Web Platform
✅ Advanced — spot, perpetuals, options, earn all in one
Mobile App
✅ iOS 4.4★ / Android 4.3★ — highly rated derivatives app
Copy Trading
✅ Select and follow top-performing traders
TradingView Charts
✅ Integrated professional charting
Customer Support
24/7 live chat — rated generally responsive
Fees 4.2 / 5
Bybit is competitively priced for both spot (0.10%) and derivatives (0.02%/0.05%). Best for non-US traders active in crypto derivatives.
| Fee type | Bybit | Market Average |
|---|
| Spot maker/taker | 0.10% | 0.05%–0.50% |
| Perpetual maker/taker | 0.02%/0.05% | 0.02%/0.05% |
| Assets | 400+ | 60–400+ |
| Available in US | ❌ | Coinbase/Kraken available in US |
| Copy trading | ✅ Available | Not standard |
Safety & Regulation 3.6 / 5
| VARA licensed (Dubai) | ✅ |
| US availability | ❌ |
| Security incident | 2024 hot wallet hack — users reimbursed |
| Cold storage | Majority of assets |
| Founded | 2018 (8 years) |
| Volume rank | #2 derivatives globally |
Products & Asset Catalogue 4.4 / 5
| Spot coins | 400+ |
| Perpetuals | 100+ altcoins |
| Quarterly futures | Major assets |
| Bybit Earn | Flexible + fixed |
| NFT | ✅ |
| Copy trading | ✅ |
What investors say about Bybit
Community voice — strengths & concerns
Most praised
- Deepest derivatives liquidity outside Binance — praised by professional crypto traders
- 0.10% spot fee competitive
- 400+ coins praised for altcoin access
- Copy trading feature praised for beginners wanting exposure
Common complaints
- Not available to US residents is the #1 limitation
- 2024 security incident created trust concerns despite quick resolution
- No fiat on/off ramp in most regions — must deposit crypto
Based on user reviews on Trustpilot, Reddit, App Store and Google Play ratings. Data collected Jan–Jun 2026.
Verdict
WhichBrokr's Take
Bybit is a strong choice for experienced non-US crypto traders who actively use derivatives. The depth of perpetual futures liquidity (second only to Binance globally), 400+ spot assets, and comprehensive earn products create a compelling professional package.
The security incident of 2024 (hot wallet hack) was promptly resolved but is worth noting. US residents cannot use Bybit — use Coinbase, Kraken or Binance.US instead.
Best for: Experienced non-US crypto derivatives traders, altcoin spot traders wanting 400+ assets, copy trading users. Not ideal for: US residents (use Coinbase/Kraken), beginners (leverage products too risky), or investors primarily focused on regulatory assurance.
Frequently Asked Questions
| Is Bybit available in the US? | No — Bybit does not accept US residents. US investors should use Coinbase, Kraken, or Binance.US. |
| What are Bybit's trading fees? | Spot: 0.10% maker and taker. Perpetual futures: 0.02% maker / 0.05% taker. VIP tiers reduce fees for high-volume traders. |
| Is Bybit regulated? | Bybit is licensed by VARA (Virtual Assets Regulatory Authority) in Dubai. Regulatory status varies by country — check local availability before registering. |
| What happened with Bybit in 2024? | Bybit reported a security incident in 2024 where a hot wallet was compromised. Bybit responded quickly and reimbursed affected users from reserves. Cold storage was not affected. |
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0.10% spot fee · Derivatives · 400+ assets · Bybit Earn · Not for US investors
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Crypto derivatives involve extreme risk. Not available in some jurisdictions.